Springleaf, Centerbridge Weigh Bids for Citigroup’s OneMain — Sources

Mike Spector, Christina Rexrode and Gillian Tan broke the news that subprime lender Springleaf Holdings Inc. and private-equity firm Centerbridge Partners LP are considering a bid for Citigroup Inc.’s U.S. subprime lending business OneMain Financial. Bids are due on Nov. 20 and OneMain is expected to fetch more than $4 billion, according to sources.

The story as it appeared on Dow Jones:
Nov. 19, 2014, 6:45 PM EST: Springleaf, Centerbridge Weigh Bids for Citigroup’s OneMain — Sources

Subprime lender Springleaf Holdings Inc. and private-equity firm Centerbridge Partners LP are among those separately weighing initial bids for Citigroup Inc.’s U.S. subprime lending business ahead of a Thursday deadline, said people familiar with the matter.

The sale process for the business, OneMain Financial, is in early stages and other bidders could emerge, the people said. In addition to Springleaf and Centerbridge, other private-equity firms have been eyeing OneMain, and some bidders could team up as they attempt to buy the Baltimore, Maryland lender, some of the people said.

OneMain is expected to fetch more than $4 billion, one person said.

Citigroup has said it is open to spinning off OneMain as a separate public company, selling it or a combination of the two. OneMain in October filed paperwork with regulators to pursue a possible initial public offering.

Write to Mike Spector at mike.spector@wsj.com, Christina Rexrode at christina.rexrode@wsj.com and Gillian Tan at gillian.tan@wsj.com

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